Schools of Economic Thought Part 1: The Classical Economists

Episode #64

Economics is one of those things that fundamentally influences our lives on a day-to-day basis. Yet most of us only somewhat understand what it is and how it works.

In the first part of this three-part series, we’ll take a look at classical economics — widely regarded as the first modern school of economic thought — and the historical conditions in which it arose. We’ll also discuss the work of classical economists and how they pioneered a new way of thinking about markets, the way market economics work, and the uniquely human tendency to produce, trade, and consume.

Show Highlights

  • [03:29] What is economics?
  • [05:15] Historical context of classical economics
  • [07:34] Mercantilism and how it works
  • [11:58] The context in which Adam Smith wrote “The Wealth of Nations”
  • [16:35] Adam Smith on the distribution of wealth
  • [19:42] Adam Smith on the division of labor
  • [23:52] Say’s Law and the theory of comparative advantage
  • [27:38] The role of competition in regulating markets
  • [29:28] Socioeconomic problems in the 19th century
  • [32:17] The Iron Law of Wages
  • [33:12] The government’s role in the economy, according to 18th- and 19th-century economists
  • [38:28] Problems with the classical economic model

Links & Resources

🟢 An Inquiry into the Nature and Causes of the Wealth of Nations

🟢 The Theory of Moral Sentiments

🟢 Beyond Order: 12 More Rules for Life by Jordan B. Peterson

🟢 Intuitive Finance with Dylan Bain

🟢 Intuitive Finance Toolkit

🟢 @TheDylanBain on Instagram

🟢 @TheDylanBain on Threads

🟢 @TheDylanBain on YouTube

🟢 Intuitive Finance on Facebook

🟢 Intuitive Finance on Twitter



The Intuitive Finance learning tools including documents and worksheets to help you forge your own path and master your fiscal life. You can get more info about the Toolkit here.
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